Law Day is a time for the public to learn about the law, the legal profession and some of the legal institutions that form the cornerstones of our Canadian democracy.
Organized by the Canadian Bar Association, Law Day’s general theme is Access to Justice. The CBA – through Law Day – offers the public an opportunity to learn about the law and the legal system. Law Day/Law Week is marked by projects and activities taking place across the country.
Law Week in Nova Scotia is represented by the theme, Citizenship – Here for Good! The goal is to improve citizens understanding of the fundamental rights and freedoms that they receive as Canadians, as well as to highlight the responsibilities that come with citizenship. Legal processes have a role in the protection of these rights and freedoms, as well as sometimes an enforcement role in relation to the responsibilities.
Law Day is made possible through the efforts of hundreds of lawyers who donate thousands of hours of volunteer time to the event.
10:00 am – 3:00 pm: Displays by exhibitors, face painting, tours of cells, car demonstrations, games and prizes. Come check out interactive displays and learn about your legal rights and obligations as a citizen!
10:00 am – 10:20 am: Opening Ceremony Courtroom 4
Starting at 10:30 am: Tour of the Lock-up Area Sheriff’s Office
10:30 am – 11:15 am: Provincial Court – Mock Criminal Docket Courtroom 4
11:30 am – 12:15 pm: Mock Military Summary Proceeding Hearing, Military Tent
1:00 pm -2:00 pm: Book Reading – Pamela Callow Courtroom 4
Closing Ceremony Courtroom 4
]]>Also exhibiting/presenting are:
Hope to see you!
When: April 12, 2011
Where: Bridgewater Fire Hall, 81 Dominion St
Time: 10am to 12pm
]]>From March 2 to March 29 we’re giving away great prizes including gift cards for local restaurants, Chapters and iTunes, and commemorative editions of Canadian currency!
Learn how to play (link to simple rules)
Monday, 28 March 2011
Today’s Trivia question is brought to you by the New Brunswick Securities Commission.
Answer the question below for your chance to win a $50 gift-certificate for local restaurants. Draw takes place Wednesday, 30 March 2011.
QUESTION OF THE DAY:
What is affinity fraud?
Click here to visit the NBSC page on affinity fraud to find the answer, and visit www.investinknowingmore.ca to provide your answer.
]]>From March 2 to March 29 we’re giving away great prizes including gift cards for local restaurants, Chapters and iTunes, and commemorative editions of Canadian currency!
Learn how to play (link to simple rules)
Official contest rules
Wednesday, 16 March 2011
Today’s Trivia question is brought to you by the New Brunswick Securities Commission.
Answer the question below for your chance to win a $50 gift certificate to local restaurants. Draw takes place Friday, 18 March 2011.
QUESTION OF THE DAY:
What are two ways to spot a scam artist?
Click here to visit the NBSC’s resource on how to spot a scam artist.
Visit www.investinknowingmore.ca to provide your answer.
]]>
From March 2 to March 29 we’re giving away great prizes including gift cards for local restaurants, Chapters and iTunes, and commemorative editions of Canadian currency!
Learn how to play (link to simple rules)
Official contest rules
Monday, 14 March 2011
Today’s Trivia question is brought to you by the New Brunswick Securities Commission.
Answer the question below for your chance to win a $50 gift certificate redeemable at select local restaurants. Draw takes place Friday, 18 March 2011.
QUESTION OF THE DAY:
What are the four steps you should follow to check an investment before handing over any money?
Click here to visit the NBSC background check to find the answer.
Visit www.investinknowingmore.ca to provide your answer.
]]>
From March 2 to March 29 we’re giving away great prizes including gift cards for local restaurants, Chapters and iTunes, and commemorative editions of Canadian currency!
Learn how to play (link to simple rules)
Official contest rules
Wednesday, 9 March 2011
Today’s Trivia question is brought to you by the Bank of Canada.
Answer the question below for your chance to win a $5 commemorative bill from the Bank of Canada. Draw takes place Friday, 11 March 2011.
QUESTION OF THE DAY:
What four actions help to ensure that your bill is real?
a) Touch, tilt, look at, fold
b) Touch, tilt, look through, look at
c) Touch, look at, fold, rub on white paper
d) Touch, look through, fold, rub on white paper
Click here to visit the Bank of Canada website to find the answer.
Visit www.investinknowingmore.ca to provide your answer.
]]>Learn how to play (link to simple rules)
Official contest rules
Monday, 7 March 2011
Today’s Trivia question is brought to you by the Bank of Canada.
Answer the question below for your chance to win a $5 commemorative bill from the Bank of Canada. Draw takes place Friday, 11 March 2011.
QUESTION OF THE DAY:
Which of the following materials have been used to produce Bank of Canada bank notes?
a) Flax
b) Cotton
c) Linen
d) All of the above
Click here to visit the Bank of Canada website to find the answer.
Visit www.investinknowingmore.ca to provide your answer.
]]>To kick-off Fraud Prevention Month in March, the Canadian Securities Administrators (CSA) are encouraging investors to protect themselves from investment fraud of all types, and to be specifically wary of online fraud.
Online investment scams are a simple, anonymous, cost-effective way for scammers to reach millions of potential victims who are looking on the web for investment opportunities. A recent survey shows more than one-third (34 per cent) of Canadians are or are considering online investing as a way to make and manage their investments. Six out of ten online investors state that the media is their number one source for information, and half use general web searches.*
“The CSA’s enforcement actions confirm that Canadian investors have been victims of fraudulent online investment schemes,” says Bill Rice, Chair of the CSA and Chair and CEO of the Alberta Securities Commission. “We want to remind investors to look beyond slick, professional looking websites and unsolicited emails, do more research and seek a second opinion before investing in any opportunity.”
The recently released 2010 CSA Enforcement Report acknowledges the growing trend of online investment fraud and highlights how CSA members are using online tools and social media to fight back. In the Genius Funds case, Canadian securities regulators acted quickly to stop the illegal sales of securities being promoted online and used blogs and other social media to warn investors about the scheme. As well, CSA jurisdictions have previously taken enforcement action against those who promoted fictitious oil and gas activities through false websites for Al-Tar and Alberta Energy Corp. and raised more than $650,000 from investors throughout Canada and Britain.
Canadians are encouraged to visit the CSA’s Avoiding Fraud website page, to learn more about investment fraud and the basics of investing at www.securities-administrators.ca.
The CSA continues to participate as a partner in the Fraud Prevention Forum, joining more than 90 private sector firms, consumer and volunteer groups, and government and law enforcement agencies that are committed to educating the public and fighting fraud targeted at consumers and businesses. Throughout the month of March, these organizations will be involved in a number of national, regional and local activities supporting fraud prevention.
*Bank of Montreal InvestorLine survey, July 2010.
]]>We promise, this one is legit. March is Fraud Prevention Month in Canada. To spread fraud awareness and knowledge across Atlantic Canada, we have partnered with the Better Business Bureau of the Maritimes, the New Brunswick Securities Commission and the Bank of Canada (Atlantic Region) to host an online fraud prevention trivia contest.
From March 2 to March 29 we’re giving away great prizes including gift cards for local restaurants, Chapters and iTunes, and commemorative editions of Canadian currency! Each Monday and Wednesday during the contest period we will post a trivia question. Find the right answer, and you could win that day’s sponsored prize. Learn about fraud, and win great prizes. It’s a win-win situation.
Learn how to play (link to simple rules)
Wednesday, March 2, 2011
Today’s Trivia question is brought to you by us, the Nova Scotia Securities Commission.
Answer the question below for your chance to win a $50 Chapters gift card. Draw takes place Friday, March 4, 2011.
QUESTION OF THE DAY:
What are 3 of the red flags of fraud?
Not sure? You might find your answer on our Fraud page.
Please note: When you find the correct answer, visit www.investinknowingmore.ca to submit your answer.
]]>I understand the point he was making, and it is good to know yourself and how to control potential bad investing impulses. However, I do think his solution was flawed. If you only check in on your account once or twice a year, you are not only making yourself more vulnerable to fraud, but you might also miss administrative errors in your file which may be costing you money. I have worked in brokerage firms. Mistakes happen. Sometimes they are caught and fixed immediately by staff, sometimes they are not. It is the client’s responsibility to monitor their statements and report errors.
If you are not in the habit of reading and reviewing your monthly investment (or banking) statements already, we suggest you make it one of your 2011 resolutions. If you find the statement confusing, ask your adviser or their assistant to walk you through the document. Make notes. Then file each one and compare month to month. If you are confused by changes, call your adviser for clarification. Don’t panic, but take the time to discover what is happening and why. Your goal for 2011 should be to gain a better understanding of your portfolio, and how it is helping you to reach your goals.
While my friends solution to his panicking may have made him feel better, it also put him at greater risk. In the end, if this process upsets you too much, it is probably a good sign that you are invested in products too risky for you, and you may want to make changes.
]]>Have you made financial resolutions? In case you don’t know where to start, we have a few suggestions to share over the coming weeks. Today’s resolution was inspired by a Globe and Mail article: It’s easy to get a free credit report. Honest!
It’s true. It is easy, it is free, and we highly recommend it.
Being familiar with your credit history is an important step in preventing fraud. If someone has access to your personal information, they could steal your identity and obtain credit in your name. Regularly monitoring your credit report can help you spot fraudulent accounts made in your name. Trust me – it happened to me many years ago. Thankfully, in my case, it was caught by the staff of my credit union who pulled my credit history when I was applying for a credit card. Removing the fraudulent account from my report was a long and frustrating process. Don’t let it happen to you.
Aside from fraud, checking your credit history also protects you from human error. The first time I ever checked my credit report I was a recent university grad, wondering if I could qualify for a personal loan. I was shocked to discover my report listed not only my student loans – but my sister’s as well. We have similar names, and similar social insurance numbers. Someone, somewhere decided we were the same person, and so I was on file with the crushing debt load of not one but two bachelor’s degrees! Luckily this was an easier fix than the fraud case, and was fixed as soon as I provided her social insurance number (perhaps not so lucky if she’d been a stranger).
So the lesson here is the report is free and there is a process in place to fix errors, so long as you know they are there. So order your report – just remember, it can take time to fix and error or prove a fraud. Don’t wait until you are denied a loan due to an error or fraud on your report – resolve to check your credit history now, and check regularly.
The contact info (taken from the Globe article) is as follows:
Equifax: 1-800-465-7166
TransUnion: 1-800-663-9980
Mail in forms:
]]>The Canadian government had a big announcement this week, as Minister Flaherty pitched a private pension plan for small businesses and the self-employed.
Jonathan Chevreau gets right to the point about cutting costs in It’s easy: Just stop your spending in the Financial Post.
Alan at the Canadian Finance Blog posted a review of Mint.com in Canada.
The Investment Executive reported on a recent Bank of Montreal survey which says that 70% of Canadian RRSP owners don’t know what they are invested in.
Clark at Million Dollar Journey warns against lending money to friends.
Miranda at Financial Highway discusses couples’ finance in Are You Ready to Open a Joint Account?
And from south of the border, Ryan Guina at the Military Wallet tells you How To Calculate Your Net Worth. (I did this earlier this week. It was a great excercise, and I came out better than I imagined!)
Thanks are due this week to Jim Yih who included our post Beware illegal foreign lottery scams in his Best of the Blogs roundup.
]]>The offers are coming to my personal address and my home address. They all read pretty much the same:
“We are writing to inform you that your email address has been chosen to win the UK National Lottery.” (Other countries are sometimes chosen, but the UK National Lottery seems to have a particular liking for me.) The letter lists a very large and tempting dollar amount. Last week I was also told I won a BMW.
The letter then explains that it is from a firm which has been hired by the lottery to distribute the winnings. To claim my prize I must pay a small administration fee to the firm, usually about 25 dollars.
Except of course, I work in fraud prevention. I know that those who do respond and pay are then placed on mailing lists for other scams, never receive their prize and are out $25 dollars. Or more. Often the scam does not stop there.
Next, the “winner” who responded might receive a letter from a phony collection agency, demanding payment for lottery ticket purchases. Of course, you know you never bought a lottery ticket in the first place. How then could you win? And why would you pay for it after the fact? But those duped into believing they have won will pay up, in fear of legal action, and losing their winnings.
My lottery scam invitations have been coming by email, but many still come by traditional post, and seniors are particularly victimized by this scam.
An interesting twist that I wasn’t aware of until a recent discussion with a colleague in the RCMP, is that participaton in foreign lotteries is illegal in Canada.
According to sections 206 and 207 of the Criminal Code, anyone who makes, prints, advertises, publishes or participates in a foreign lottery is guilty of an offence punishable on summary conviction. This is true even if the offer to purchase tickets is from Canada.
So next time a friend or family members believes they have won big in a foreign lottery, please remind them that there is a 99.9% chance this offer is a scam – and even in the rare case that it is not, it is illegal to participate and they could be charged.
]]>Inflation is a rise in general level of prices for goods and services over a period of time. When inflation rises in Canada, our dollar buys fewer goods and services, which is referred to as a loss of purchasing power. For example, if the inflation rate is 2%, then a $1 pack of gum will cost $1.02 in a year.
Inflation in Canada is measured by the Consumer Price Index (CPI), a broad measure of the cost of living in Canada. Through the monthly CPI, Statistics Canada tracks the retail price of a representative shopping basket of about 600 goods and services used by the average household: food, housing, transportation, furniture, clothing, and recreation. Each category represents a different portion of the basket, based on typical spending patterns. Since people tend to spend more on food than clothing, changes in the price of food have a bigger impact on the index than changes in the price of clothing and footwear.
Current prices are measured against a base year. The base year is currently 2002, and the basket for that year is given the value of 100. In 2009 the CPI had reached 115.5, meaning what you could buy for $100 in 2002 cost $115.50 in 2009. The Bank of Canada website has an interactive Inflation Calculator that uses monthly CPI figures from 1914 to the present to show users the impact of inflation on purchasing power.
Inflation affects the value of your money over time. Since prices generally increase over time, the value of your money decreases. Investing is an attempt to increase the value of your money over time. At minimum, you want your rate of return to be higher than the rate of inflation. If your money is sitting in a savings account making 1.5% interest, but inflation is 2.5%, you have actually lost purchasing power!
Thursday, we will look closer at how the Bank of Canada monitors and manages the inflation rate, aiming for a trget of 2% a year.
Any further questions about inflation, interest rates or the CPI? Feel free to ask below.
]]>Originally known as PhoneBusters, the Canadian Anti Fraud Centre is Canada’s one-stop-shop for fraud reporting. To serve you better, the organization has just launched its new website at www.antifraudcentre.ca.
What exactly does the Canadian Anti Fraud Centre do? Each year, they receive tens of thousands of calls and e-mail messages from consumers all across Canada and the USA. Anti-fraud specialists work to help callers protect themselves from being victimized by identity crimes and other fraud schemes.
The Centre’s intelligence team analyze the collected fraud information and prepare reports, which are then shared with law enforcement agencies across the country. This information allows investigators in one province to see how frauds they’re working on are connected to frauds taking place in other parts of the country – or in other parts of the world. This enables police officers to crack complex cases and ultimately make arrests.
Keep in mind, the Centre is not an investigative agency – if you’re a fraud victim, you must contact your local police force if you want the crime investigated. If you are reporting investment fraud, contact your securities regulator. However, if you want to help shut down the organized crime groups responsible for the most lucrative, large-scale frauds, be sure to contact the Canadian Anti Fraud Centre as well. The more people who report, the greater the chance of shutting down the criminals responsible for scams.
For the latest on emerging fraud trends, advice on protecting yourself , and victim’s guides that will help you recover from fraud loss, visit the Canadian Anti Fraud Centre’s new website at: www.antifraudcentre.ca
]]>The Canadian government estimates that between four and ten percent of seniors in Canada experience some kind of abuse, though with reporting rates being very low, it is likely that these numbers underestimate the problem.
Elder abuse may include neglect and physical abuse, sexual, psychological or emotional abuse, or even financial abuse.
One of the most devastating and costly forms of senior financial abuse — investment fraud — is often carried out by trusted financial advisers or even family and friends.
Seniors are increasingly targeted by con artists using investment pitches, often in a place the senior believes to be a safe setting like church, a social club, or through supposedly educational “free lunch” seminars.
Help seniors spot and stop financial abuse and exploitation by knowing what to look for and who to call for assistance. Call the Nova Scotia Securities Commission (or your local securities regulator) if you believe that you or someone you know may be the victim of financial abuse or exploitation through an investment scam.
Help stop senior abuse in all its forms. The following resources from the government of Nova Scotia may be of assistance:
Call the Senior Abuse Line for information or to talk about a situation of abuse. Your call will be kept confidential.
Abuse may be a crime and fall under the Criminal Code. Call your local police station for information or to report abuse. If the situation is an emergency or if it could be dangerous, call 911.
If you know of a senior in need of protection, call Adult Protection Services at the Department of Health. Adult Protection workers can intervene and offer services to help those in need of protection.
Report known or suspected cases of abuse in a licensed health facility (such as a nursing home, residential care facility, or hospital) to the Protection of Persons in Care office at the Department of Health.
For general inquiries related to senior abuse or to talk about a situation of abuse, you can also e-mail [email protected]
]]>Yesterday, the Commission settled with former Knowledge House Inc. executive Raymond G. Courtney, who admited to violations of various securites laws. Read more in the Chronicle Herald story Knowledge House director fined $15,000.
We’ve also been featured in the Chronicle Herald, on News 95.7 in Halifax, and in Jim Yih’s the Best of the Blogs regarding a diamond investing scam which is targeting Nova Scotians, as well as the rest of Canada.
We weren’t the only one’s busy this week. There’s lots of great reading out there for you.
2 Cents at the Balance Junkie writes a thought provoking article asking what is a balanced portfolio?
Financial Highway presents a different approach to the same topic, in thier post about just how critical asset allocation can be.
Jim Yih at the Canadian Finance Blog presents Tips To Prevent Running Out Of Money In Retirement.
Frugal Dad discusses How To Clean Up Your Financial Indiscretions.
Gail Vaz-Oxlade writes about the personal side of personal finance in Money and Self.
Enjoy the reading, and your weekend.
]]>While we don’t know of anyone who has invested, the Nova Scotia Securities Commission has been contacted by individuals who were pitched the scheme, and thought it sounded fishy enough to report. A similar scam has been reported in various other Canadian provinces.
While details are still sketchy, the scam works something like this:
Even if this is a legitimate offer, this is not the way we would suggest anyone buy a diamond (or any other commodity). You ought to be able to see the diamond for yourself, and have an independent appraiser look at it. Also, if the gem is not in your possession, you are unable to shop it around at a later date, to ensure you are getting the best price if and when you decide to sell.
Because this diamond is sold as an investment contract, it is a security. A seller would have to be registered with the Nova Scotia Securities Commission, or qualify for an exemption under the Nova Scotia Securities Act. If you have been approached with this or a similar investment scheme, contact the Nova Scotia Securities Commission at 424-7768 or by email.
]]>The idea of gold as a “safe investment” is a myth. An investment in gold is not foolproof. Know your investment objectives and your risk tolerance, and don’t be swayed by trends. Gold may not provide long-term investment returns. Gold is a commodity, and, like other commodities, its price can fluctuate dramatically.
Historically speaking, the value of gold-related investments fluctuates even more than the stock market. Gold often moves in reverse of stocks and bonds, so when stocks are down, gold may seem like a very tempting investment.
Beware of gold investment scams. Where there is an investing trend, there is a con artist trying to take advantage of it. For example, in one typical scheme, a seller offers to sell actual gold bullion and then retain the investor’s gold in a “secure” vault with a promise to sell the gold for the investor as it gains in value. In many instances, the gold does not exist. In another typical scenario, a company encourages investors to cash out of their poor-performing investments to purchase gold, which may be nothing more than “fool’s gold.”
Remember, if you are advised to cash out investments and roll funds into a different type of investment, make sure the person advising this is a registered investment adviser.
]]>Seeing as how Waste Reduction Week falls in the middle of Investor Education Month, I did some brainstorming and came up with my 3-Rs of safe investing: research, and registration and re-evaluation. Follow these 3-Rs to help ensure your hard earned money doesn’t go to waste!
Research – Always, before you invest, do your research. What do we mean by this? Basically, you should never invest in anything you don’t understand. We don’t expect you all to be financial experts, but when it comes to your own portfolio, you should know (and be comfortable with) what is going on. Find out more about the companies you invest in. Your adviser can supply you with some information, but you can also check with the Better Business Bureau, in the news or online.
Be sure to understand the type of fees and commissions you are paying. Are there rules or restrictions involved in the kind of investment you are buying, or the account you are opening? Be sure you know how (or if!) you can access your money if you need it. Read the fine print, and ask your financial adviser, lawyer, accountant or other trusted adviser for clarification. Read How to do a background check to get yourself started. Still have questions? That’s why we’re here. Ask us!
Registration – Always, always check the registration of your financial adviser. You can find this information using the Canadian Securities Administrators’ National Registration Search, and searching for a company or individual by name to find current and historical registration information.
Nova Scotia laws require investment advisers to be registered with the securities commission (with certain specific exceptions). The company an adviser works for must also be registered in Nova Scotia. This regulatory system helps to make sure that all registered dealers and advisers meet certain minimum standards. If your adviser is not registered, contact us to find out if they qualify for an exemption.
Re-evaluate – What may have been a good investment decision two, five or ten years ago might no longer be suitable. Think of how much your life can change in just a few years. Maybe you have young children to consider. You’ve been married, or your marriage has ended. Perhaps you are getting ready to retire. Whatever the changes in your life, they will change your financial needs. It is a good idea to sit down once a year with your financial adviser and review your financial plan and your portfolio.